Vornado Realty Trust & Trump Organization Refinance $950M Loan For Midtown Office Building
1290 Avenue of the Americas, New York, NY 10019
$950,000,000
$500/SF
Building Size
1,899,211 SF
Asset Type
Office
Closing
Nov 18, 2021
About this deal
AI
1290 Avenue of the Americas, located in Midtown, is an office property that recently underwent a loan refinance transaction. The property is jointly owned by Vornado Realty Trust and The Trump Organization.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $950,000,000
- Loan Type: Refinance
- Loan Terms: 7-year, interest only
The key individuals involved in this transaction include Donald Trump Jr., Ivanka Trump, Eric Trump, President Donald J. Trump, Steven Roth, and Haim Chera. The loan, amounting to $950,000,000, was a refinancing deal that allowed the property owners to modify the terms of the loan, specifically for a 7-year period with interest-only payments.
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93